Economics and Finance

How to Solve Prisoner's Dilemma?

Prisoners’ dilemma is a key problem in oligopoly. When the two sides are facing the prisoners’ dilemma, they will both pick the worse situation due to Nash equilibrium. Thus, how to solve prisoners’ dilemma is important in business as well as many aspects during our choices in daily life. Here, I will propose several methods to solve prisoners’ dilemma. 1. Final strong award 2. Final strong punishment 3. Strong coherence 4. Friendly 5. Repeated games. By using these strategies, we will be able to solve the prisoners’ dilemma.

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